The primary objective of International Accounting Standard (IAS) 7 is to mandate the disclosure of historical alterations in an entity’s cash and cash equivalents through the issuance of a statement of cash flows. This statement categorizes cash flows over a given period into operating, investing, and financing activities. A foundational principle embedded in IAS 7 […]
A departmental GST audit is a critical process for ensuring businesses adhere to GST regulations. This article presents a comprehensive checklist to guide businesses through a GST audit, covering various aspects of the process. Legal Provisions: The Commissioner of CGST/SGST or an authorized officer can conduct a GST audit on a taxpayer. The taxpayer receives
Fulfilling certain responsibilities is crucial for businesses in India. Companies must file their annual returns and financial statements on time to follow the law. If they fail to do so, they might face legal trouble and financial penalties. This article highlights the importance of timely filing, the necessary forms to submit to the Registrar of
Taxes are a fundamental aspect of a well-organized society. Governments rely on tax revenues to fund various societal needs and development projects. Individuals, businesses, and companies are obligated to pay taxes based on their income levels. Tax payments contribute to the overall progress and betterment of the community. This article explains the consequences and possible penalties
IAS -2 serves to define the proper accounting procedures for managing inventories. It offers comprehensive guidance on evaluating inventory costs and recognizing associated expenses, including write-downs to reflect net realizable value. Scope of Inventories Inclusions: Inventories comprise finished goods for sale, work in process, and raw materials and supplies consumed in production. Exclusions: Excludes inventories from
Emerging as a preeminent global sector in the contemporary landscape, real estate is divided into four distinct sub-sectors: housing, retail, commercial, and hospitality. The dynamic surge in corporate environments, the embrace of co-working culture, and the escalating influx of multinational corporations (MNCs) into India have precipitated a notable boom within this sector. This growth is
The Annual Information Statement (AIS) serves as a comprehensive record depicting an individual’s tax contributions over a given fiscal year. Sometimes, the tax you paid when filing your Income Tax Return (ITR) doesn’t show up correctly in the AIS. This happens because the tax department changed how they show tax payments to people. Before, all
The Companies Act, 2013 lays down a precise framework for appointing auditors. Adhering to Section 139 and related rules is vital for smooth and compliant auditor appointments. Key Aspects of Auditor Appointment Process: Initial Appointment: Every company must appoint an auditor during its 1st Annual General Meeting (AGM). The auditor serves from this AGM’s
The objective of IAS 1 (2007): – IAS 1 (2007) aims to establish a framework for presenting general-purpose financial statements. – The primary goal is to ensure comparability across different periods and other entities’ financial statements. Scope of Application: – IAS 1 applies to all general-purpose financial statements prepared according to International Financial Reporting Standards
Cash flow statement are essential financial tools used by businesses to track how money comes in and goes out during a specific time. They help us see how healthy a company’s finances are, but it’s important to know their limitations for a proper understanding. This article will explore these limitations and what they mean for
Exploring the ins and outs of GSTR-2A, GSTR-2B, and GSTR-8A, and shedding light on the possible problems these forms can create for people who pay taxes. GSTR-2A: GSTR-2A is like a list automatically put together for what someone buys. It’s made up of details about the things someone bought during a specific time for taxes.
If you happen to make a mistake on your Income Tax Return (ITR) that you filed, don’t be surprised if the tax department sends you a notice. This is basically a letter from them to bring something to your attention. Now, there are six main types of these notices that people who earn a salary
MSME Suvidha Powered By Legal Suvidha has been a one-stop Compliance Provider for all start-ups and entrepreneurs.
Want to Setup your business in India? Connect with the best Online Registration, Licenses and Return filing solution providers for business across India. Since 2007, LegalSuvidha has been a one-stop shop for all startups or entrepreneurs looking for a chartered accountant, company secretary or lawyer. We have been ensuring Startups and SMEs are fully compliant with India’s legal system. Over the past 15 years, the depth of our offerings has increased and that too at affordable prices and customer satisfaction has made our standing different and we are giving a tough competition to other online facilitators of legal services in India. We have the best team for Company incorporation, Trademark Registration, Auditing, Advisory and Tax Filing for large, medium, small businesses and Startups in India.
Most of the budding entrepreneurs are in dilemma about what kind of entity to register when they start their business. Should it be a private limited company, limited liability partnership, partnership firm, one person company or a sole proprietorship? Each of these has its advantages and disadvantages. The type of entity should be chosen only after one round of consultation with our experts, as they will be in a better position to guide on the same. For example, Registering as a private limited company would be a good fit for any venture that will look for funding at a later stage. You can contact Legalsuvidha for any type of registration and advice you need for your business transactions. We assure you of great professional service at a reasonable price. You can connect with us for a free check on the Company name availability.
The importance of intellectual property is very much but most of the businesses are not aware of the same. We at LegalSuvidha simplify the process for you to register a Trademark for your brand, to get copyright for your artistic, creative ability and will also help you in patenting the process after a proper patent search patents which will ensure that you have sole rights to your creation, be it your brand, your designs or your inventions. At Legalsuvidha, we are very well equipped to handle all your IP requirements. We facilitate trademark applications in just two days, copyright registration for all your software, pictures, audio, and video content, and can connect you to patent attorneys to conduct a patent search and file your patent applications.
To do any business in India, you need a license for almost everything. Started a manufacturing business? You need a GST Registration and a Trade License. For a food business, you need an FSSAI license. In case you have employees, You need a Professional Tax registration and Shops & Establishments Act Registration. If that’s not enough, you also need to file GST Returns and Professional Tax Returns.
There is a lot of importance of legal documentation when you start your business, whether with your Investors, partners/co-directors, employees and any vendors you deal with. By getting a lawyer to draft contracts or agreements with new vendors, employees, and investors, you’re ensuring that you have all the downsides covered. At LegalSuvidha, we connect you to lawyers who will deliver complex documents, from shareholders’ agreements and founders’ agreements to terms of service/privacy policy and non-disclosure agreements, at a reasonable cost in a few days.
It’s not enough to have started a private limited company or an LLP. You need to comply with all the requirements of the Ministry of Corporate Affairs, Central Board of Indirect taxes and Central Board of direct taxes once you register your business. You need to inform them of every relevant change you make, whether it is adding a director, removing a partner or increasing authorized share capital. You also need to file annual returns and maintain your accounts. In the case of a private limited company, you even need them audited. At LegalSuvidha, we facilitate all these services completely online. This means you can engage a professional on retainer for the year and we’ll ensure that all the formalities are completed for you while you focus on your business.
We are Authorized e-return Intermediaries and have recently launched our own ITR filing platform, this will help the salaried employees and businesses to get their ITR filed within the time and at a reasonable price. Through the use of automation, the system is highly effective and will help in filing ITR in up to 10 minutes for Salaried employees. We have on-boarded the best Chartered Accountants who will provide consultation for both Salaried employees and Businesses to file proper taxes to the government of India. This will help in avoiding legal notices in the future and will also help in getting the returns processed at the earliest. We are the first in the market to launch the ITR filing facility for FY 2018-19.
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